Firm supports farmers with 600 million cassava stems, agric loans

A leading African cassava processing company based in Iseyin Local Government Area of Oyo State, Psaltry International Company, has supported farmers with over 600 million cassava stems and agricultural loans.

This is as the firm reaffirmed its commitment to fostering a sustainable agribusiness environment that will significantly benefit cassava farmers and neighbouring communities.

According to the company, out-growers have accessed 600 million cassava stems and agricultural loans, among other inputs, through its support programmes.

This was disclosed by the Chief Executive Officer, Yemisi Iranloye, in a statement issued by her Special Adviser on Special Duties in Ibadan, the state capital, on Saturday.

The statement quoted the CEO responding to a report criticising the company for delayed payments to farmers, clarifying that no such delay had occurred, as a payment plan aligned with a longstanding memorandum of understanding has been in place for years.

“The company annually purchases over ₦1 billion worth of cassava from three main supplier segments.

“This is the work of mischief-makers. Our priority has always been to contribute meaningfully to the communities in which we operate. We believe that sustainable agriculture and responsible business go hand-in-hand, and our 15-year journey reflects that commitment.

“Firstly, we procure cassava from our out-grower farmers, whom we pre-fund. Secondly, we source cassava from traders whom we also pre-fund, allowing us to reach deep, remote areas where farmers may struggle to bring their produce to us, ensuring that no farmer is left out of our supply chain. Thirdly, we work with traders whom we have previously trained, who now supply cassava to us independently.

“I am pleased to inform you that over 600 million cassava stems, herbicides, and agric loans were made available to these out-growers.”
Iranloye noted that each arrangement involves a business transaction with mutual obligations, where both parties understand the terms regarding payments and commitments.

“To foster greater transparency, we have also committed to publishing regular impact reports, which will highlight ongoing community initiatives and key contributions to the local agribusiness ecosystem. Through these reports, the company will maintain open lines of communication with stakeholders and continue to champion shared growth and sustainability.”‏